Bank of America strategist Michael Hartnett warns that a speculative bubble may be forming in U.S. equities as investors position for a policy pivot from protectionism to stimulus. Hartnett’s latest client note says expectations of summer interest-rate reductions by the Federal Reserve, combined with proposed tax cuts, have triggered one of the largest rushes into stocks on record. According to Bank of America Global Research, about $164 billion has flowed into U.S. equity funds so far this year. The flood of cash has pushed the S&P 500 close to its all-time high, while the dollar has weakened, signaling broad risk appetite. Hartnett cautions that the confluence of easier monetary policy and fiscal support could inflate asset prices beyond fundamentals, reviving conditions similar to past market bubbles. He advises clients to monitor sentiment indicators closely as policy decisions unfold in the coming months.